This post follows today's CoinDesk tweet: The leading non-profit behind the #NEM blockchain (@NEMofficial) is seeking $ 7.5 million in emergency funding to stave off bankruptcy
1 - THE FACTS
Indeed, in a clear statement (available here: https://forum.nem.io/t/nem-foundation-message-to-the-community/21753), the NEM FOUNDATION explains that it wanted to decentralize its promotional activity (its marketing) and that the new council set up at its head could have remarked that this led to different management that ended up not having exactly the same goal.
Like many other altcoins, the NEM obviously feels catastrophically the state of the current exchange market. The NEM Foundation, however, took the lead and aligned itself with its goal of transparency by writing a clear statement to its users.
Initially, the council lifted the "privileges" of its local actors to recentralize its flows and impose a bottom-up reporting of the actions carried out as well as financial flows that will be managed at the finance department to be aggregated in an accounting way to standard operating accounts.
Then, it was decided to reduce promotional expenses by about 60% by distributing precise and aggressive objectives on the characteristics of their technological product, development tools and programmers that will help the NEM platform to become a must in its field.
These elements of change will allow better visibility of the returns on investment and better management possibilities to maximize profits.
They finally remind that the launch of their product "catapult" remains their main objective and that it will help the foundation by bringing together more professionals behind this current project.
2 - My analysis and opinions
It is a fact that the state of the exchange market generates many difficulties as well on the altcoin as on the ICO.
I can only appreciate such transparency which, if it can endanger the trust of users in the NEM, has the merit of not leaving them in blurring. How many times have I noticed the disappearance of the management staffs during difficulties encountered? I find it noble to have such a concern for transparency, and to put it into practice moreover.
Finally, I think the reaction of the new NEM FOUDATION council is good. If our altcoins work in a decentralized way for a variety of reasons, including security, I do not think it is possible to lead a business in a decentralized way. I have known this in large companies and this always leads to social microcosms with rules that are their own and not necessarily with the general objectives of their company.
I am therefore delighted with such an awareness and I really wish that all blockchain projects take seed. Indeed, I often notice people very technically competent on very ambitious projects but it is advisable to have a real business management to centralize not to be self-monitored, absolutely not (the one who abuses is quickly burnt in this environment ), but for the sake of supervision that must be taken as a tool for decision support.
I therefore earnestly hope that the NEM will recover and that it will help the whole community to think and act accordingly.